GriegMaas Welcomes Latest Ultramax to Its Fleet

New dry bulk joint venture GriegMaas has expanded its fleet with the Ultramax vessel Star Damon.

Formerly known as GH Frankel, the 2012-built Star Damon is one of two vessels the joint venture, formed between shipping company Grieg Star and investment management firm Maas Capital in December 2018, bought this year from Celsius Shipping.

The second vessel, GH Rough Habit, was acquired for a reported price of USD 16.6 million. It is yet to be delivered.

With the latest arrival, the GriegMaas fleet of bulkers consists of three Ultramax and two Supramax ships, all built by China’s Yangzhou Dayang Shipbuilding.

According to Grieg Star, the 63,500 dwt Star Damon will join the G2 Ocean conventional bulk pool. The G2 Ocean is a joint venture of Grieg Star and Gearbulk established in April 2017.

A day after receiving Star Damon, Grieg Star sent off one of its Handymax oldies, the Star Fuji, for recycling. The 34-year-old ship landed at Leyal Ship Recycling in Aliağa, near Izmir in Turkey, the same recycling yard that recycled Star Gran in February.